LYB LyondellBasell Industries NV Ordinary Shares Class A (Netherlands)
$64.36
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026
52W Range
$42–$84
54% of range
Analyst Rating
HOLD
25 analysts
Price Target
$70
+8% upside
P/E (TTM)
-27.5
ROE
-6.6%
Net Profit Margin
-2.5%
About LyondellBasell Industries NV Ordinary Shares Class A (Netherlands) Company overview from Wikipedia
LyondellBasell Industries N.V. is an American multinational chemical company, incorporated in the Netherlands with U.S. operations headquartered in Houston, Texas and offices in London, UK. The company is the largest licensor of polyethylene and polypropylene technologies. It also produces ethylene, propylene, polyolefins, and oxyfuels.
Read more
LyondellBasell Industries N.V. is an American multinational chemical company, incorporated in the Netherlands with U.S. operations headquartered in Houston, Texas and offices in London, UK. The company is the largest licensor of polyethylene and polypropylene technologies. It also produces ethylene, propylene, polyolefins, and oxyfuels.
LyondellBasell was formed in December 2007 by the acquisition of Lyondell Chemical Company by Basell Polyolefins for $12.7 billion. As of 2016, Lyondell was the third largest independent chemical manufacturer in the United States.
LyondellBasell's global headquarters is located in Williams Tower in Houston, Texas.
History
Early history
Since its establishment in 1985 from facilities belonging to the Atlantic Richfield Company (ARCO), the company grew through stock swaps with Occidental Chemicals and Millennium Chemicals in 1997, which formed Equistar Chemicals of which each entity were partners. Lyondell purchased the outstanding shares from each of its partners to gain total control of Equistar which is a wholly owned subsidiary of Lyondell. Lyondell bought ARCO Chemical in 1998 for $5.6 billion including ARCO's entire 82.2% ownership stake.
In 2004, Lyondell purchased Millennium Chemicals in a stock-swap deal valued at $2.3 billion. In August 2006, Lyondell acquired Citgo's interest in the Lyondell-Citgo Refinery for $2.1 billion, and renamed the facility Houston Refining. Chemical maker Basell Polyolefins purchased Lyondell in December 2007, creating the new company LyondellBasell Industries AF S.C.A., one of the largest chemical companies in the world at that time. It was owned by Access Industries, a privately held, U.S.-based industrial group. LyondellBasell is the third largest independent chemical manufacturer in the world and is headquartered in Houston and Rotterdam.
Expansion
LyondellBasell's United States operations filed for Chapter 11 bankruptcy protection in January 2009, and emerged from bankruptcy in April 2010. Its former parent company, LyondellBasell Industries AF S.C.A. was replaced by LyondellBasell Industries N.V. It was listed on the New York Stock Exchange on October 14, 2010.
In 2012, 1 Houston Center, the building housing LyondellBasell's Houston headquarters since 1986, was renamed LyondellBasell Tower. In 2014, LyondellBasell announced that it was installing two large cracking furnaces at its Channelview plant, and the following year the company announced it would double production capacity at the Bayport Underwood plant. LyondellBasell acquired the compounding assets of Zylog Plastalloys, an India-based company, in November 2015. The acquisition made LyondellBasell the third largest poly (propylene) materials producer in India.
In June 2016, LyondellBasell announced a factory in Northern China. It was the third facility for LyondellBasell to open in China, following Guangzhou and Suzhou. In September 2016, LyondellBasell announced that it would build a $700 million polyethylene plant at the La Porte manufacturing complex on the Houston Ship Channel that would produce 1.1 billion pounds of polyethylene annually. The company started construction on a La Porte plant in May 2017. The company completed an expansion of its Corpus Christi ethylene plant in January 2017. The plant's capacity was increased by 50 percent to produce 2.5 billion pounds annually. That same year, Hurricane Harvey hit the United States and affected the company's Texas Gulf Coast operations. The Houston Ship Channel was temporarily closed, which prevented crude tankers from reaching refineries. The La Porte facility was damaged but came back online in late October. In December 2017, LyondellBasell partnered with Suez, a French water and waste management company, in the first joint venture between a major plastics and chemicals company and a resource management company. LyondellBasell and Odebrecht entered into exclusive talks for LYB to acquire control of Braskem in June 2018, but did not consummate the acquisition.
During July 2018, LyondellBasell announced a partnership with Karlsruhe Institute of Technology (KIT) in Germany to advance chemical recycling of plastic materials and assist the global efforts towards the circular economy and plastic waste recycling needs. The focus of the venture is to develop a new catalyst and process technology to decompose post-consumer plastic waste, such as packaging, into monomers for reuse in polymerization processes.
In August 2018, LyondellBasell finalized their acquisition of A. Schulman Inc. in a $2.25 billion deal. That same month, it broke ground on the world's largest propylene oxide and tertiary butyl alcohol plant in Channelview, Texas. The plant is estimated to produce 1 billion pounds of propylene oxide and 2.2 billion pounds of tertiary butyl alcohol annually. LyondellBasell will export the majority of its products via the Houston Ship Channel. LyondellBasell also announced in September that it and its joint partner, Covestro, kicked-off a large investment project in Maasvlakte-Rotterdam, the Netherlands. The Circular Steam Project incorporates an innovative technology into the existing production plant, to convert its water-based waste into energy and is an important contribution to the Dutch government's CO2 reduction targets.
In December 2023, LyondellBasell sold its ethylene oxide and derivatives business to INEOS for $700 million.
Houston refinery shutdown
In April 2022, LyondellBasell announced plans to shutter its Houston refinery by the end of 2023, following two failed attempts to sell it. These plans were later pushed back to Q1 2025 due to a period of strong refining margins.
Philanthropy
LyondellBasell holds an annual Global Care Day. Company employees volunteer for community service projects in 20 countries.
Awards and recognition
The American Chemistry Council recognized LyondellBasell with its Responsible Care Company of the Year award in 2014. In 2015, the American Heart Association recognized LyondellBasell's Cincinnati Technology Center with the Fit-Friendly Worksite Platinum Award. The Fit-Friendly program emphasizes employee health and company culture surrounding physical health.
LyondellBasell was named #2 on the list of Top 25 Foreign-owned Chemical Producers by Chemical & Engineering News in both 2015 and 2016. In 2016, Houston Business Journal recognized LyondellBasell as the third largest Houston-based public company.
In 2018, LyondellBasell was named to Fortune Magazine's list of the World's Most Admired Companies. Additionally, Bob Patel received the 2018 ICIS Kavaler Award in September. The winner of the ICIS Kavaler Award is selected by his/her peers — the senior executives of the ICIS Top 40 Power Players listing, a global ranking of the leaders making the greatest positive impact on their companies and the chemical industry published in ICIS Chemical Business magazine.
Environmental issues
LyondellBasell's, among other petrochemical facilities at Berre-L'Étang, France, are regularly criticized in the French media and by local authorities for their large-scale flaring activities generating, among other nuisances, giant smoke plumes with lengths reaching dozens of miles. The concomitant atmospheric pollution includes organic chemical compounds such as carcinogenic benzene, butadiene and toluene. Not only the nearby cities of Vitrolles, Rognac and Marignane suffer from this pollution, but it is also held responsible for the deterioration of the air quality in the city center of Marseille, at an approximate distance of 20 km from LyondellBasell's facility.
Similar concerns were raised about flaring activities on other LyondellBasell sites, e.g. the Corpus Christi facility and the Lake Charles facility.
Manufacturing facilities
North American manufacturing facilities
South American manufacturing facilities
European manufacturing facilities
Asian manufacturing facilities
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LYB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$64.36
Market Cap
$20.73B
P/E (TTM)
-27.5
EPS (TTM)
$-2.34
Revenue (TTM)
$30.15B
Div Yield
8.5%
ROE
-6.6%
Debt/Equity
0.0
52W Range
$42 – $84
LYB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$30.15B
2016-12-31
→
2025-12-31
EPS
$-2.34
2016-12-31
→
2025-12-31
Free Cash Flow
$384M
2016-12-31
→
2025-12-31
Margins
-2.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LYB
Peer Median
P/E (TTM)
-27.5
30.6
P/S (TTM)
0.7
1.8
P/B
2.1
1.8
EV / EBITDA
16.0
—
Price / FCF
54.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LYB
Peer Median
Operating Margin
-1.4%
—
Net Profit Margin
-2.5%
5.9%
ROA
-2.1%
2.9%
ROE
-6.6%
5.9%
ROIC
-4.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LYB
Peer Median
Debt / Equity
0.0
67.1
Current Ratio
1.8
1.7
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LYB
Peer Median
Revenue YoY
-9.7%
—
Revenue CAGR 3Y
-15.8%
—
Revenue CAGR 5Y
1.7%
—
EPS YoY
-35.8%
—
Net Income YoY
-35.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LYB
Peer Median
Payout Ratio
-239.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
8.5%
Payout Ratio
-239.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 1, 2026 | $0.6900 |
| March 2, 2026 | $0.6900 |
| Dec. 1, 2025 | $1.3700 |
| Aug. 25, 2025 | $1.3700 |
| June 2, 2025 | $1.3700 |
| March 10, 2025 | $1.3400 |
| Dec. 2, 2024 | $1.3400 |
| Aug. 26, 2024 | $1.3400 |
| June 3, 2024 | $1.3400 |
| March 1, 2024 | $1.2500 |
| Nov. 24, 2023 | $1.2500 |
| Aug. 25, 2023 | $1.2500 |
| May 26, 2023 | $1.2500 |
| March 3, 2023 | $1.1900 |
| Nov. 25, 2022 | $1.1900 |
| Aug. 26, 2022 | $1.1900 |
| June 3, 2022 | $6.3900 |
| March 4, 2022 | $1.1300 |
| Nov. 26, 2021 | $1.1300 |
| Aug. 27, 2021 | $1.1300 |
LYB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
25 analysts
- Strong Buy 2 8.0%
- Buy 9 36.0%
- Hold 10 40.0%
- Sell 3 12.0%
- Strong Sell 1 4.0%
12-Month Price Target
17 analysts · 2026-08-13
Median
$68.00
Now
$64.36
Low
$56.00
High
$95.00
Median target
$68.00
+5.7%
Mean target
$69.53
+8.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $4.30 | $3.45 | 0.85% |
| March 31, 2026 | $0.49 | $0.20 | 0.29% |
| Dec. 31, 2025 | $-0.26 | $0.13 | -0.39% |
| Sept. 30, 2025 | $1.01 | $0.81 | 0.20% |
| June 30, 2025 | $0.62 | $0.81 | -0.19% |
| March 31, 2025 | $0.33 | $0.43 | -0.10% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.15B | $33.39B | $33.34B | $50.45B | $46.17B | $27.75B | $34.73B | $39.00B | $34.48B | $29.18B | $32.73B | $45.61B | |
| Cost of Revenue | $27.58B | $28.75B | $28.43B | $43.85B | $37.40B | $24.36B | $29.30B | $32.53B | $28.06B | $23.19B | $25.68B | $38.94B | |
| R&D Expense | $136M | $135M | $130M | $124M | $124M | $113M | $111M | $115M | $106M | $99M | $102M | $127M | |
| SG&A Expense | $1.61B | $1.64B | $1.54B | $1.31B | $1.25B | $1.14B | $1.20B | $1.13B | $859M | $833M | $828M | $806M | |
| Operating Expenses | $30.57B | $31.48B | $30.61B | $45.35B | $39.40B | $26.19B | $30.61B | $33.77B | $29.02B | $24.12B | $26.61B | $39.87B | |
| Operating Income | $-420M | $1.92B | $2.73B | $5.10B | $6.77B | $1.56B | $4.12B | $5.23B | $5.46B | $5.06B | $6.12B | $5.74B | |
| Interest Expense | · | · | $477M | $287M | $519M | $526M | $347M | $360M | $491M | $322M | $310M | $352M | |
| Interest Income | $97M | $150M | $129M | $29M | $9M | $12M | $19M | $45M | $24M | $17M | $33M | $33M | |
| Other Non-op | $113M | $47M | $-58M | $-72M | $62M | $85M | $39M | $106M | $179M | $111M | $25M | $38M | |
| Pretax Income | $-715M | $1.70B | $2.30B | $4.78B | $6.79B | $1.39B | $4.05B | $5.31B | $5.49B | $5.23B | $6.21B | $5.71B | |
| Income Tax | $70M | $259M | $433M | $882M | $1.16B | $-43M | $648M | $613M | $598M | $1.39B | $1.73B | $1.54B | |
| Net Income | $-738M | $1.37B | $2.12B | $3.89B | $5.62B | $1.43B | $3.40B | $4.69B | $4.88B | $3.84B | $4.48B | $4.17B | |
| EPS (Basic) | $-2.34 | $4.16 | $6.48 | $11.84 | $16.77 | $4.24 | $9.59 | $12.04 | $12.23 | $9.15 | $9.62 | $8.03 | |
| EPS (Diluted) | $-2.34 | $4.15 | $6.46 | $11.81 | $16.75 | $4.24 | $9.58 | $12.01 | $12.23 | $9.13 | $9.59 | $7.99 | |
| EBITDA | $970M | $3.34B | $4.59B | $6.37B | $8.17B | $2.94B | $5.43B | $6.47B | $6.63B | $6.12B | $7.17B | $6.75B |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.44B | $3.38B | $3.39B | $2.15B | $1.47B | $1.76B | $858M | $332M | $1.52B | $875M | $924M | $1.03B | |
| Short-term Investments | $2.03B | $2.61B | $2.43B | $1.19B | $9M | $702M | $196M | $892M | $1.31B | $1.15B | $1.06B | $1.59B | |
| Receivables | · | · | · | $3.39B | $4.57B | $3.29B | $2.98B | $3.35B | $3.36B | $2.72B | $2.36B | $3.23B | |
| Inventory | $3.53B | $4.66B | $4.76B | $4.80B | $4.90B | $4.34B | $4.59B | $4.51B | $4.22B | $3.81B | $4.05B | $4.52B | |
| Prepaid Expense | $612M | $928M | $1.48B | $1.29B | $1.02B | $1.38B | $736M | $1.25B | $1.15B | $923M | $1.23B | $1.05B | |
| Current Assets | $10.87B | $12.27B | $13.15B | $11.85B | $12.22B | $11.63B | $9.51B | $10.57B | $11.74B | $9.60B | $9.79B | $11.64B | |
| PP&E (Net) | $15.83B | $15.07B | $15.55B | $15.39B | $14.56B | $14.39B | $14.13B | $12.48B | $11.00B | $10.14B | $8.99B | $8.76B | |
| PP&E (Gross) | $25.80B | $24.17B | $24.91B | $23.72B | $22.38B | $21.48B | $21.26B | $18.70B | $16.57B | $14.63B | $12.91B | $12.05B | |
| Accum. Depreciation | $9.97B | $9.11B | $9.36B | $8.34B | $7.83B | $7.10B | $7.13B | $6.22B | $5.57B | $4.50B | $3.92B | $3.29B | |
| Goodwill | $708M | $1.56B | $1.65B | $1.83B | $1.88B | $1.95B | $1.89B | $1.81B | $570M | $528M | $536M | $566M | |
| Intangibles | $450M | $577M | $641M | $662M | $695M | $751M | $869M | $965M | $568M | $550M | $640M | $769M | |
| Other Non-current Assets | $667M | $688M | $577M | $624M | $667M | $458M | $461M | $353M | $261M | $618M | $674M | $419M | |
| Total Assets | $34.00B | $35.75B | $37.00B | $36.37B | $36.74B | $35.40B | $30.43B | $28.28B | $26.21B | $23.44B | $22.76B | $24.22B | |
| Accrued Liabilities | $1.96B | $2.36B | $2.44B | $2.40B | $2.57B | $1.88B | $1.82B | $1.54B | $1.81B | $1.42B | $1.81B | $1.55B | |
| Short-term Debt | $226M | $119M | $117M | $349M | $362M | $663M | $445M | $885M | $68M | $594M | $353M | $346M | |
| Current Liabilities | $6.13B | $6.71B | $7.15B | $6.76B | $7.23B | $5.50B | $5.20B | $5.51B | $4.78B | $4.54B | $4.35B | $5.44B | |
| Capital Leases | $1.33B | $1.42B | $1.41B | $1.51B | $1.65B | $1.22B | $1.22B | · | · | · | · | · | |
| Deferred Tax | $2.32B | $2.54B | $2.89B | $2.86B | $2.33B | $2.33B | $2.02B | · | · | · | · | $1.62B | |
| Other Non-current Liabilities | $1.90B | $1.97B | $2.16B | $1.95B | $2.29B | $2.96B | $2.21B | $1.90B | $2.27B | $2.11B | $2.04B | $2.12B | |
| Total Debt | $226M | $119M | $117M | $349M | $362M | $663M | $445M | $885M | $68M | $594M | $353M | $346M | |
| Common Stock | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $22M | $31M | $31M | $31M | $31M | |
| Paid-in Capital | $6.15B | $6.15B | $6.14B | $6.12B | $6.04B | $5.99B | $5.95B | $7.04B | $10.21B | $10.19B | $10.20B | $10.39B | |
| Retained Earnings | $6.81B | $9.32B | $9.69B | $9.20B | $8.56B | $4.44B | $4.43B | $6.76B | $15.75B | $12.28B | $9.84B | $6.78B | |
| Treasury Stock | $1.59B | $1.50B | $1.45B | $1.35B | $965M | $531M | $580M | $2.21B | $15.75B | $14.95B | $12.09B | $7.85B | |
| AOCI | $-1.31B | $-1.53B | $-1.48B | $-1.37B | $-1.80B | $-1.94B | $-1.78B | $-1.36B | $-1.28B | $-1.51B | $-1.44B | $-1.03B | |
| Stockholders' Equity | $10.08B | $12.46B | $12.93B | $12.62B | $11.86B | $7.97B | $8.04B | $10.26B | $8.95B | $6.05B | $6.55B | $8.31B | |
| Liabilities + Equity | $34.00B | $35.75B | $37.00B | $36.37B | $36.74B | $35.40B | $30.43B | $28.28B | $26.21B | $23.44B | $22.76B | $24.22B | |
| Shares Outstanding | 322,084,769 | 323,889,832 | 324,483,402 | 325,723,567 | 329,536,389 | 334,015,220 | 333,476,883 | 375,696,661 | 394,512,054 | 404,046,331 | 440,150,069 | 486,969,402 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.39B | $1.52B | $1.53B | $1.27B | $1.39B | $1.39B | $1.31B | $1.24B | $1.17B | $1.06B | $1.05B | $1.02B | |
| Stock-based Comp | $91M | $91M | $91M | $70M | $66M | $55M | $48M | $39M | $55M | $38M | $53M | · | |
| Deferred Tax | $-184M | $-406M | $132M | $369M | $-198M | $331M | $209M | $260M | $-587M | $357M | $181M | $177M | |
| Other Non-cash | $1.70B | $1.28B | $1.15B | $524M | $817M | $206M | $-5M | $-759M | $-315M | $349M | $138M | $678M | |
| Operating Cash Flow | $2.26B | $3.82B | $4.94B | $6.12B | $7.70B | $3.40B | $4.96B | $5.47B | $5.21B | $5.61B | $5.84B | $6.05B | |
| CapEx | $1.88B | $1.84B | $1.53B | $1.89B | $1.96B | $1.95B | $2.69B | $2.10B | $1.55B | $2.24B | $1.44B | $1.50B | |
| Investing Cash Flow | $-1.78B | $-1.85B | $-1.78B | $-1.98B | $-1.50B | $-4.91B | $-1.64B | $-3.56B | $-1.76B | $-2.30B | $-1.05B | $-3.53B | |
| Debt Issued | $1.99B | $744M | $500M | $0 | $0 | $6.38B | $5.03B | $0 | $990M | $812M | $984M | $992M | |
| Net Debt Issued | $1.50B | $-32M | $75M | $0 | $-3.92B | $3.50B | $2.06B | $-394M | $-10M | $812M | $984M | $992M | |
| Stock Repurchased | $201M | $195M | $211M | $420M | $463M | $4M | $3.75B | $1.85B | $866M | $2.94B | $4.66B | $5.79B | |
| Net Stock Activity | $-201M | $-195M | $-211M | $-420M | $-463M | $-4M | $-3.75B | $-1.85B | $-866M | $-2.94B | $-4.66B | $-5.79B | |
| Dividends Paid | $1.76B | $1.72B | $1.61B | $3.25B | $1.49B | $1.41B | $1.46B | $1.55B | $1.42B | $1.40B | $1.41B | $1.40B | |
| Financing Cash Flow | $-507M | $-1.90B | $-1.95B | $-3.41B | $-6.38B | $2.27B | $-2.83B | $-3.01B | $-2.86B | $-3.35B | $-4.85B | $-5.91B | |
| Net Change in Cash | $61M | $-17M | $1.25B | $679M | $-288M | $877M | $487M | $-1.13B | $650M | $-53M | $-102M | $-3.42B | |
| Taxes Paid | $393M | $343M | $465M | $746M | $310M | $176M | $403M | $1.21B | $1.04B | $741M | $1.42B | $1.17B | |
| Free Cash Flow | $384M | $1.98B | $3.41B | $4.23B | $5.74B | $1.46B | $2.27B | $3.37B | $3.66B | $3.36B | $4.40B | $4.55B | |
| Levered FCF | · | · | $3.02B | $4.00B | $5.31B | $915M | $1.98B | $3.05B | $3.22B | $3.13B | $4.18B | $4.29B |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1.4% | 4.5% | 7.4% | 10.1% | 14.7% | 5.6% | 11.8% | 13.4% | 15.8% | 17.3% | 18.7% | 12.6% | |
| Net Margin | -2.5% | 3.4% | 5.2% | 7.7% | 12.2% | 5.1% | 9.8% | 12.0% | 14.1% | 13.1% | 13.7% | 9.2% | |
| Pretax Margin | -2.4% | 4.0% | 6.4% | 9.5% | 14.7% | 5.0% | 11.7% | 13.6% | 15.9% | 17.9% | 19.0% | 12.5% | |
| EBITDA Margin | 3.2% | 8.3% | 11.2% | 12.6% | 17.7% | 10.6% | 15.6% | 16.6% | 19.2% | 21.0% | 21.9% | 14.8% | |
| ROA | -2.1% | 3.8% | 5.8% | 10.6% | 15.6% | 4.3% | 11.6% | 17.2% | 19.7% | 16.6% | 19.1% | 16.2% | |
| ROE | -6.6% | 10.8% | 16.6% | 31.8% | 56.6% | 17.8% | 37.1% | 48.8% | 65.1% | 60.9% | 60.2% | 40.2% | |
| ROIC | -4.5% | 12.3% | 18.9% | 32.1% | 45.9% | 18.6% | 40.7% | 41.5% | 54.0% | 56.0% | 64.0% | 48.4% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 1.8 | 1.8 | 1.8 | 1.7 | 2.1 | 1.8 | 1.9 | 2.5 | 2.1 | 2.3 | 2.1 | |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 1.0 | 0.8 | 0.8 | 1.3 | 1.0 | 1.0 | 1.1 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | |
| Interest Coverage | · | · | 6.4 | 17.8 | 13.1 | 3.0 | 11.9 | 14.5 | 11.1 | 15.7 | 19.7 | 16.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 1.1 | 1.1 | 1.4 | 1.3 | 0.8 | 1.2 | 1.4 | 1.4 | 1.3 | 1.4 | 1.8 | |
| Inventory Turnover | 6.7 | 7.6 | 7.5 | 9.0 | 8.1 | 5.5 | 6.4 | 7.5 | 7.0 | 5.9 | 6.0 | 8.0 | |
| Receivables Turnover | · | · | · | 12.7 | 11.8 | 8.8 | 11.0 | 11.6 | 11.4 | 11.5 | 11.7 | 12.9 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -9.7% | 0.17% | -33.9% | 9.3% | 66.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -15.8% | -10.2% | 6.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | -35.8% | -45.3% | -29.5% | 295.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -37.2% | 15.1% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -35.5% | -45.5% | -30.8% | 293.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -37.6% | 14.1% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $30.15B | $33.39B | $33.34B | $50.45B | $46.17B | $27.75B | $34.73B | $39.00B | $34.48B | $29.18B | $32.73B | $45.61B | |
| Net Income TTM | $-738M | $1.37B | $2.12B | $3.89B | $5.62B | $1.43B | $3.40B | $4.69B | $4.88B | $3.84B | $4.48B | $4.17B | |
| Market Cap | $13.95B | $24.06B | $30.85B | $27.04B | $30.39B | $30.62B | $31.51B | $31.24B | $43.52B | $34.66B | $38.25B | $38.66B | |
| Enterprise Value | $8.70B | $18.19B | $25.15B | $25.24B | $29.27B | $28.81B | $30.90B | $30.90B | $40.76B | $33.23B | $36.61B | $36.38B | |
| P/E | -18.5 | 17.9 | 14.7 | 7.0 | 5.5 | 21.6 | 9.9 | 6.9 | 9.0 | 9.4 | 9.1 | 9.9 | |
| P/S | 0.5 | 0.7 | 0.9 | 0.5 | 0.7 | 1.1 | 0.9 | 0.8 | 1.3 | 1.2 | 1.2 | 0.8 | |
| P/B | 1.4 | 1.9 | 2.4 | 2.1 | 2.6 | 3.8 | 3.9 | 3.0 | 4.9 | 5.7 | 5.8 | 4.7 | |
| P / Tangible Book | 1.6 | 2.3 | 2.9 | 2.7 | 3.3 | 5.8 | · | · | · | · | · | · | |
| P / Cash Flow | 6.2 | 6.3 | 6.2 | 4.4 | 3.9 | 9.0 | 6.4 | 5.7 | 8.4 | 6.2 | 6.5 | 6.4 | |
| P / FCF | 36.3 | 12.1 | 9.0 | 6.4 | 5.3 | 21.0 | 13.9 | 9.3 | 11.9 | 10.3 | 8.7 | 8.5 | |
| EV / EBITDA | 9.0 | 5.4 | 5.5 | 4.0 | 3.6 | 9.8 | 5.7 | 4.8 | 6.1 | 5.4 | 5.1 | 5.4 | |
| EV / FCF | 22.7 | 9.2 | 7.4 | 6.0 | 5.1 | 19.8 | 13.6 | 9.2 | 11.1 | 9.9 | 8.3 | 8.0 | |
| EV / Revenue | 0.3 | 0.5 | 0.8 | 0.5 | 0.6 | 1.0 | 0.9 | 0.8 | 1.2 | 1.1 | 1.1 | 0.8 | |
| Dividend Yield | 12.7% | 7.1% | 5.2% | 12.0% | 4.9% | 4.6% | 4.6% | 5.0% | 3.2% | 4.0% | 3.7% | 3.6% | |
| Earnings Yield | -5.4% | 5.6% | 6.8% | 14.2% | 18.2% | 4.6% | 10.1% | 14.4% | 11.1% | 10.6% | 11.0% | 10.1% | |
| Payout Ratio | -239.0% | 125.8% | 75.9% | 83.5% | 26.5% | 98.5% | 43.0% | 33.1% | 29.0% | 36.4% | 31.5% | 33.6% | |
| Annual Payout | $1.76B | $1.72B | $1.61B | $3.25B | $1.49B | $1.41B | $1.46B | $1.55B | $1.42B | $1.40B | $1.41B | $1.40B |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.18B | $7.20B | $7.09B | $7.73B | $7.66B | $7.68B | $7.81B | $8.60B | $8.68B | $8.30B | $2.16B | $10.62B | $10.31B | $10.25B | $10.21B | $12.25B | |
| Cost of Revenue | $7.14B | $6.50B | $6.76B | $6.82B | $6.87B | $7.13B | $7.00B | $7.30B | $7.24B | $7.20B | $1.53B | $9.18B | $8.87B | $8.86B | $9.36B | $11.09B | |
| R&D Expense | $34M | $36M | $33M | $34M | $35M | $34M | $39M | $31M | $33M | $32M | $34M | $31M | $32M | $33M | $29M | $31M | |
| SG&A Expense | $387M | $411M | $373M | $401M | $435M | $401M | $419M | $400M | $402M | $421M | $381M | $378M | $395M | $385M | $334M | $319M | |
| Operating Expenses | $7.63B | $6.96B | $7.18B | $8.46B | $7.37B | $7.56B | $8.40B | $7.74B | $7.68B | $7.65B | $2.17B | $9.61B | $9.29B | $9.53B | $9.72B | $11.44B | |
| Operating Income | $1.54B | $239M | $-88M | $-731M | $285M | $114M | $-597M | $865M | $999M | $651M | $-13M | $1.01B | $1.01B | $713M | $487M | $812M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $127M | · | $125M | $115M | $116M | · | $70M | |
| Interest Income | $24M | $31M | $25M | $21M | $21M | $30M | $36M | $36M | $37M | $41M | $41M | $37M | $28M | $23M | $16M | $7M | |
| Other Non-op | $56M | $10M | $65M | $-2M | $29M | $21M | $19M | $14M | $9M | $5M | $-25M | $-31M | $-7M | $5M | $-9M | $4M | |
| Pretax Income | $808M | $137M | $-142M | $-856M | $224M | $59M | $-818M | $777M | $1.20B | $543M | $-149M | $901M | $905M | $642M | $389M | $727M | |
| Income Tax | $236M | $-2M | $-8M | $-27M | $69M | $36M | $-255M | $151M | $253M | $110M | $-75M | $153M | $188M | $167M | $34M | $154M | |
| Net Income | $559M | $125M | $-140M | $-890M | $115M | $177M | $-603M | $573M | $924M | $473M | $185M | $747M | $715M | $474M | $353M | $572M | |
| EPS (Basic) | $1.71 | $0.38 | $-0.45 | $-2.77 | $0.34 | $0.54 | $-1.87 | $1.76 | $2.82 | $1.45 | $0.56 | $2.29 | $2.18 | $1.45 | $1.08 | $1.75 | |
| EPS (Diluted) | $1.71 | $0.38 | $-0.45 | $-2.77 | $0.34 | $0.54 | $-1.86 | $1.75 | $2.82 | $1.44 | $0.55 | $2.29 | $2.18 | $1.44 | $1.08 | $1.75 | |
| EBITDA | $1.54B | $581M | · | $-731M | $285M | $437M | · | $1.18B | $1.36B | $1.07B | · | $1.38B | $1.40B | $1.11B | · | $1.13B |
Balance Sheet 28
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.63B | $2.63B | $3.44B | $1.78B | $1.70B | $1.87B | $3.38B | $2.62B | $2.84B | $2.31B | · | $2.83B | $2.47B | $1.79B | · | $1.48B | |
| Short-term Investments | $1.43B | $1.47B | $2.03B | $703M | $820M | $1.16B | $2.61B | $1.71B | $1.88B | $1.48B | · | $1.93B | $1.63B | $1.06B | · | $0 | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | $3.64B | $3.71B | · | $4.15B | |
| Inventory | $4.08B | $3.63B | $3.53B | $4.41B | $4.57B | $4.93B | $4.66B | $5.26B | $5.07B | $4.85B | · | $4.91B | $5.20B | $5.16B | · | $5.15B | |
| Prepaid Expense | $978M | $777M | $612M | $723M | $767M | $809M | $928M | $900M | $912M | $1.50B | · | $1.63B | $1.19B | $1.16B | · | $1.36B | |
| Current Assets | $11.66B | $11.06B | $10.87B | $10.76B | $11.08B | $11.40B | $12.27B | $12.74B | $12.91B | $12.88B | · | $13.23B | $12.69B | $12.02B | · | $12.33B | |
| PP&E (Net) | $15.69B | $15.70B | $15.83B | $15.70B | $15.73B | $15.34B | $15.07B | $15.87B | $15.57B | $15.53B | · | $15.19B | $15.41B | $15.40B | · | $14.82B | |
| PP&E (Gross) | $26.03B | $25.88B | $25.80B | $25.52B | $25.59B | $24.85B | $24.17B | $25.79B | $25.08B | $25.02B | · | $24.22B | $24.48B | $24.13B | · | $22.64B | |
| Accum. Depreciation | $10.34B | $10.17B | $9.97B | $9.81B | $9.86B | $9.51B | $9.11B | $9.93B | $9.51B | $9.49B | · | $9.03B | $9.07B | $8.73B | · | $7.82B | |
| Goodwill | $705M | $705M | $708M | $708M | $1.68B | $1.60B | $1.56B | $1.63B | $1.60B | $1.63B | $1.65B | $1.60B | $1.61B | $1.60B | $1.83B | $1.75B | |
| Intangibles | $394M | $417M | $450M | $453M | $572M | $580M | $577M | $599M | $615M | $631M | · | $642M | $633M | $651M | · | $594M | |
| Other Non-current Assets | $658M | $639M | $667M | $657M | $714M | $639M | $688M | $710M | $611M | $632M | · | $642M | $623M | $631M | · | $845M | |
| Total Assets | $34.48B | $33.96B | $34.00B | $33.79B | $35.35B | $35.19B | $35.75B | $37.26B | $37.06B | $36.62B | · | $36.88B | $36.68B | $36.26B | · | $36.49B | |
| Accrued Liabilities | $2.18B | $1.91B | $1.96B | $2.09B | $1.95B | $1.96B | $2.36B | $2.24B | $1.90B | $1.94B | · | $2.53B | $2.16B | $2.17B | · | $2.63B | |
| Short-term Debt | $234M | $226M | $226M | $137M | $119M | $120M | $119M | $121M | $166M | $164M | · | $112M | $130M | $343M | · | $439M | |
| Current Liabilities | $7.11B | $7.19B | $6.13B | $6.85B | $6.24B | $6.24B | $6.71B | $5.99B | $6.15B | $6.09B | · | $7.00B | $7.02B | $6.51B | · | $7.63B | |
| Capital Leases | $1.31B | $1.33B | $1.33B | $1.36B | $1.41B | $1.44B | $1.42B | $1.36B | $1.36B | $1.38B | · | $1.40B | $1.44B | $1.51B | · | $1.51B | |
| Deferred Tax | $2.35B | $2.34B | $2.32B | $2.29B | $2.54B | $2.53B | $2.54B | $2.85B | $2.85B | $2.87B | · | $2.93B | $2.90B | $2.89B | · | $2.47B | |
| Other Non-current Liabilities | $1.70B | $1.70B | $1.90B | $1.92B | $1.92B | $2.03B | $1.97B | $2.08B | $2.11B | $2.16B | · | $2.00B | $1.99B | $1.90B | · | $2.11B | |
| Total Debt | $234M | $226M | · | $137M | $119M | $120M | · | $121M | $166M | $164M | · | $112M | $130M | $343M | · | $439M | |
| Common Stock | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | · | $19M | $19M | $19M | · | $19M | |
| Paid-in Capital | $6.13B | $6.12B | $6.15B | $6.14B | $6.14B | $6.13B | $6.15B | $6.14B | $6.12B | $6.11B | · | $6.13B | $6.11B | $6.09B | · | $6.10B | |
| Retained Earnings | $7.04B | $6.71B | $6.81B | $7.40B | $8.73B | $9.06B | $9.32B | $10.37B | $10.23B | $9.75B | · | $9.92B | $9.58B | $9.28B | · | $9.23B | |
| Treasury Stock | $1.50B | $1.52B | $1.59B | $1.61B | $1.63B | $1.56B | $1.50B | $1.43B | $1.40B | $1.37B | · | $1.46B | $1.45B | $1.36B | · | $1.35B | |
| AOCI | $-1.02B | $-1.29B | $-1.31B | $-1.35B | $-1.35B | $-1.45B | $-1.53B | $-1.37B | $-1.52B | $-1.53B | · | $-1.40B | $-1.33B | $-1.31B | · | $-1.81B | |
| Stockholders' Equity | $10.67B | $10.04B | $10.08B | $10.60B | $11.91B | $12.21B | $12.46B | $13.72B | $13.45B | $12.98B | · | $13.21B | $12.93B | $12.72B | · | $12.19B | |
| Liabilities + Equity | $34.48B | $33.96B | $34.00B | $33.79B | $35.35B | $35.19B | $35.75B | $37.26B | $37.06B | $36.62B | · | $36.88B | $36.68B | $36.26B | · | $36.49B | |
| Shares Outstanding | 323,004,034 | 322,770,429 | 322,084,769 | 321,832,679 | 321,627,610 | 322,945,084 | 323,889,832 | 324,750,428 | 325,078,684 | 325,365,833 | 324,483,402 | 324,359,296 | 324,516,083 | 325,468,601 | 325,723,567 | 325,623,082 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $347M | $342M | $385M | $350M | $332M | $323M | $389M | $381M | $387M | $365M | $380M | $367M | $391M | $396M | $334M | $318M | |
| Stock-based Comp | $19M | $47M | $21M | $15M | $20M | $35M | $20M | $18M | $19M | $34M | $20M | $23M | $24M | $24M | $16M | $17M | |
| Other Non-cash | · | $-783M | · | · | · | $-1.11B | · | · | · | $-986M | · | · | · | $-412M | · | · | |
| Operating Cash Flow | $752M | $-269M | $1.51B | $983M | $351M | $-579M | $1.92B | $670M | $1.35B | $-114M | $1.50B | $1.67B | $1.29B | $482M | $1.60B | $1.41B | |
| CapEx | $270M | $269M | $450M | $406M | $539M | $483M | $504M | $368M | $484M | $483M | $484M | $394M | $301M | $352M | $473M | $439M | |
| Investing Cash Flow | $-515M | $-279M | $-403M | $-439M | $-504M | $-430M | $-547M | $-483M | $-313M | $-510M | $-606M | $-429M | $-371M | $-371M | $-544M | $-399M | |
| Debt Issued | · | · | $1.49B | $0 | $499M | $0 | $0 | $0 | $0 | $744M | $0 | $0 | $500M | $0 | $0 | $0 | |
| Net Debt Issued | · | · | · | · | · | $0 | · | · | · | $-31M | · | · | · | · | · | · | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $91M | $110M | $78M | $42M | $75M | $0 | $0 | $41M | $100M | $70M | $0 | $158M | |
| Net Stock Activity | · | $0 | · | · | · | $-110M | · | · | · | $0 | · | · | · | $-70M | · | · | |
| Dividends Paid | $224M | $224M | $443M | $443M | $445M | $433M | $437M | $437M | $438M | $408M | $406M | $407M | $408M | $389M | $387M | $395M | |
| Financing Cash Flow | $-233M | $-236M | $539M | $-448M | $-51M | $-547M | $-518M | $-484M | $-481M | $-412M | $-405M | $-844M | $-224M | $-477M | $-478M | $-537M | |
| Net Change in Cash | $1M | $-810M | $1.65B | $97M | $-166M | $-1.52B | $753M | $-229M | $533M | $-1.07B | $561M | $350M | $690M | $-352M | $670M | $420M | |
| Free Cash Flow | · | $-538M | · | · | · | $-1.06B | · | · | · | $-597M | · | · | · | $130M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-698M | · | · | · | $44M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.8% | 3.3% | · | -9.5% | 3.7% | 1.5% | · | 7.8% | 9.2% | 7.1% | · | 9.5% | 9.8% | 7.0% | · | 6.6% | |
| Net Margin | 6.1% | 1.7% | · | -11.5% | 1.5% | 2.3% | · | 5.5% | 8.8% | 4.8% | · | 7.0% | 6.9% | 4.6% | · | 4.7% | |
| Pretax Margin | 8.8% | 1.9% | · | -11.1% | 2.9% | 0.77% | · | 6.9% | 11.1% | 6.0% | · | 8.5% | 8.8% | 6.3% | · | 5.9% | |
| EBITDA Margin | 16.8% | 8.1% | · | -9.5% | 3.7% | 5.7% | · | 11.5% | 12.8% | 10.8% | · | 13.0% | 13.6% | 10.8% | · | 9.2% | |
| ROA | 1.6% | 0.36% | · | -2.5% | 0.32% | 0.49% | · | 1.6% | 2.5% | 1.3% | · | 2.0% | 1.9% | 1.3% | · | 1.5% | |
| ROE | 5.0% | 1.1% | · | -7.3% | 0.91% | 1.4% | · | 4.3% | 7.0% | 3.7% | · | 5.9% | 5.7% | 3.7% | · | 4.8% | |
| ROIC | 10.0% | 2.4% | · | -6.6% | 1.6% | 0.36% | · | 4.7% | 5.6% | 4.3% | · | 6.3% | 6.1% | 4.0% | · | 5.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.5 | · | 1.6 | 1.8 | 1.8 | · | 2.1 | 2.1 | 2.1 | · | 1.9 | 1.8 | 1.8 | · | 1.6 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | 0.8 | 0.6 | · | 0.7 | 1.1 | 1.0 | · | 0.7 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 5.5 | · | 8.1 | 8.8 | 6.1 | · | 11.6 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| Inventory Turnover | 1.7 | 1.5 | · | 1.4 | 1.4 | 1.5 | · | 1.8 | 1.8 | 1.8 | · | 1.8 | 1.7 | 1.7 | · | 2.2 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | 2.3 | 2.3 | · | 2.7 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $31.76B | $30.26B | · | $31.67B | $32.62B | $33.26B | · | $36.21B | $37.91B | $39.48B | · | $43.43B | $47.64B | $50.49B | · | $52.95B | |
| Net Income TTM | $-91M | $-473M | · | $-25M | $1.79B | $2.15B | · | $2.72B | $2.86B | $2.41B | · | $2.51B | $3.40B | $4.01B | · | $5.30B | |
| Market Cap | $17.01B | $26.00B | · | $15.78B | $18.61B | $22.74B | · | $31.14B | $31.10B | $33.28B | · | $30.72B | $29.80B | $30.56B | · | $24.51B | |
| Enterprise Value | $13.18B | $22.12B | · | $13.43B | $16.21B | $19.83B | · | $26.93B | $26.55B | $29.65B | · | $26.07B | $25.83B | $28.05B | · | $23.47B | |
| P/E | -154.9 | -53.4 | · | -350.3 | 10.6 | 10.7 | · | 11.6 | 11.0 | 13.9 | · | 12.4 | 8.9 | 7.7 | · | 4.7 | |
| P/S | 0.5 | 0.9 | · | 0.5 | 0.6 | 0.7 | · | 0.9 | 0.8 | 0.8 | · | 0.7 | 0.6 | 0.6 | · | 0.5 | |
| P/B | 1.6 | 2.6 | · | 1.5 | 1.6 | 1.9 | · | 2.3 | 2.3 | 2.6 | · | 2.3 | 2.3 | 2.4 | · | 2.0 | |
| P / Tangible Book | 1.8 | 2.9 | · | 1.7 | 1.9 | 2.3 | · | 2.7 | 2.8 | 3.1 | · | 2.8 | 2.8 | 2.9 | · | 2.5 | |
| P / Cash Flow | · | -96.7 | · | · | · | -39.3 | · | · | · | -291.9 | · | · | · | 63.4 | · | · | |
| P / FCF | · | -48.3 | · | · | · | -21.4 | · | · | · | -55.7 | · | · | · | 235.1 | · | · | |
| EV / EBITDA | 8.5 | 38.1 | · | -18.4 | 56.9 | 45.4 | · | 22.8 | 19.6 | 27.7 | · | 18.9 | 18.4 | 25.3 | · | 20.8 | |
| EV / FCF | · | -41.1 | · | · | · | -18.7 | · | · | · | -49.7 | · | · | · | 215.7 | · | · | |
| EV / Revenue | 0.4 | 0.7 | · | 0.4 | 0.5 | 0.6 | · | 0.7 | 0.7 | 0.8 | · | 0.6 | 0.5 | 0.6 | · | 0.4 | |
| Earnings Yield | -0.65% | -1.9% | · | -0.29% | 9.4% | 9.3% | · | 8.6% | 9.1% | 7.2% | · | 8.1% | 11.3% | 13.0% | · | 21.2% | |
| Payout Ratio | · | 179.2% | · | · | · | 244.6% | · | · | · | 86.3% | · | · | · | 82.1% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $30.15B | $33.39B | $33.34B | $50.45B | $46.17B |
| Operating Margin % | -1.4% | 4.5% | 7.4% | 10.1% | 14.7% |
| Net Income | $-738M | $1.37B | $2.12B | $3.89B | $5.62B |
| Diluted EPS | $-2.34 | $4.15 | $6.46 | $11.81 | $16.75 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 1.8 | 1.8 | 1.8 | 1.8 | 1.7 |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $384M | $1.98B | $3.41B | $4.23B | $5.74B |
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Institutional owners (13F) 979 filers · $9.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 130 (-147 vs prior Q) | 156 (+58 vs prior Q) | 339 (+44 vs prior Q) | 308 (+20 vs prior Q) | +19.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $888,859,992 | 16,882,431 | 9.82% | Shares |
| STATE STREET CORP | $775,795,012 | 14,734,948 | 8.57% | Shares |
| Capital World Investors | $725,162,771 | 13,773,272 | 8.01% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $630,996,930 | 11,984,747 | 6.97% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $477,725,552 | 9,073,610 | 5.28% | Shares |
| Davis Selected Advisers | $457,993,661 | 8,698,852 | 5.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $343,098,337 | 6,474,068 | 3.79% | Shares |
| FMR LLC | $229,816,161 | 4,364,979 | 2.54% | Shares |
| NORGES BANK | $202,829,071 | 3,852,404 | 2.24% | Shares |
| Capital International Investors | $163,175,565 | 3,099,251 | 1.80% | Shares |
| Qube Research & Technologies Ltd | $149,268,857 | 2,835,116 | 1.65% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $141,172,867 | 2,681,346 | 1.56% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $112,528,944 | 2,137,302 | 1.24% | Shares |
| BlackRock, Inc. | $101,697,266 | 1,931,572 | 1.12% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $96,642,060 | 1,835,559 | 1.07% | Shares |
| Capital Research Global Investors | $84,854,583 | 1,611,673 | 0.94% | Shares |
| TWO SIGMA INVESTMENTS, LP | $84,744,913 | 1,609,590 | 0.94% | Shares |
| AMERICAN CENTURY COMPANIES INC | $77,093,869 | 1,464,270 | 0.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $76,343,184 | 1,450,013 | 0.84% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,496,600 | 1,244,000 | 0.72% | Put option |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $64,567,854 | 1,226,360 | 0.71% | Shares |
| JANE STREET GROUP, LLC | $60,747,570 | 1,153,800 | 0.67% | Put option |
| BARCLAYS PLC | $60,004,205 | 1,139,681 | 0.66% | Shares |
| BANK OF AMERICA CORP /DE/ | $57,574,023 | 1,093,524 | 0.64% | Shares |
| CITADEL ADVISORS LLC | $57,231,234 | 1,087,013 | 0.63% | Shares |
| ALLIANCEBERNSTEIN L.P. | $54,106,191 | 671,626 | 0.60% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $48,732,840 | 925,600 | 0.54% | Call option |
| OAKTREE CAPITAL MANAGEMENT LP | $47,385,000 | 900,000 | 0.52% | Put option |
| CINCINNATI INSURANCE CO | $46,630,315 | 885,666 | 0.52% | Shares |
| Assenagon Asset Management S.A. | $46,565,555 | 884,436 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $45,370,099 | 861,730 | 0.50% | Shares |
| Hosking Partners LLP | $43,180,371 | 820,140 | 0.48% | Shares |
| Woodline Partners LP | $41,727,442 | 792,544 | 0.46% | Shares |
| JANE STREET GROUP, LLC | $41,293,500 | 784,302 | 0.46% | Shares |
| Swiss National Bank | $38,260,755 | 726,700 | 0.42% | Shares |
| Gotham Asset Management, LLC | $37,155,105 | 705,700 | 0.41% | Shares |
| Caption Management, LLC | $35,275,500 | 670,000 | 0.39% | Put option |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $33,992,209 | 645,626 | 0.38% | Shares |
| Allianz Asset Management GmbH | $33,904,968 | 643,969 | 0.37% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $33,623,659 | 638,626 | 0.37% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $33,397,053 | 634,322 | 0.37% | Shares |
| Swiss Life Asset Management Ltd | $32,558,181 | 618,389 | 0.36% | Shares |
| Trexquant Investment LP | $32,184,313 | 611,288 | 0.36% | Shares |
| Squarepoint Ops LLC | $32,037,104 | 608,492 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $31,979,610 | 607,400 | 0.35% | Call option |
| CITADEL ADVISORS LLC | $31,405,725 | 596,500 | 0.35% | Put option |
| BNP PARIBAS FINANCIAL MARKETS | $30,960,148 | 588,037 | 0.34% | Shares |
| Vanguard Global Advisers, LLC | $30,655,620 | 582,253 | 0.34% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $29,463,414 | 559,609 | 0.33% | Shares |
| GOLDMAN SACHS GROUP INC | $29,241,810 | 555,400 | 0.32% | Put option |
| JANE STREET GROUP, LLC | $28,968,030 | 550,200 | 0.32% | Call option |
| LPL Financial LLC | $28,316,393 | 537,824 | 0.31% | Shares |
| Point72 Asset Management, L.P. | $27,184,880 | 516,332 | 0.30% | Shares |
| California Public Employees Retirement System | $26,309,679 | 499,709 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $25,800,191 | 490,034 | 0.29% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $25,664,718 | 487,459 | 0.28% | Shares |
| VANGUARD GROUP INC | $24,450,601 | 564,679 | 0.27% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $24,248,431 | 460,559 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $23,617,453 | 293,166 | 0.26% | Shares |
| TUDOR INVESTMENT CORP ET AL | $23,224,757 | 441,116 | 0.26% | Shares |
| MILLENNIUM MANAGEMENT LLC | $23,094,080 | 438,634 | 0.26% | Shares |
| ALPS ADVISORS INC | $22,711,894 | 431,375 | 0.25% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $21,536,746 | 409,055 | 0.24% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $21,273,285 | 404,051 | 0.24% | Shares |
| CITIGROUP INC | $19,480,500 | 370,000 | 0.22% | Put option |
| IEQ CAPITAL, LLC | $17,994,178 | 341,770 | 0.20% | Shares |
| Engineers Gate Manager LP | $17,962,706 | 341,172 | 0.20% | Shares |
| Korea Investment CORP | $17,941,962 | 340,778 | 0.20% | Shares |
| Summit Street Capital Management, LLC | $17,716,777 | 336,501 | 0.20% | Shares |
| MORGAN STANLEY | $17,111,197 | 324,999 | 0.19% | Shares |
| FTB Advisors, Inc. | $17,102,518 | 295,584 | 0.19% | Shares |
| D. E. Shaw & Co., Inc. | $16,874,325 | 320,500 | 0.19% | Put option |
| Centiva Capital, LP | $15,795,000 | 300,000 | 0.17% | Put option |
| Legal & General Group Plc | $15,235,014 | 289,364 | 0.17% | Shares |
| MUHLENKAMP & CO INC | $15,077,529 | 187,159 | 0.17% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $14,917,877 | 281,795 | 0.16% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $14,531,453 | 276,001 | 0.16% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $14,509,446 | 275,583 | 0.16% | Shares |
| SAMLYN CAPITAL, LLC | $14,422,257 | 273,927 | 0.16% | Shares |
| Gradient Investments LLC | $14,146,915 | 268,697 | 0.16% | Shares |
| Ensign Peak Advisors, Inc | $14,109,042 | 267,978 | 0.16% | Shares |
| FIRST TRUST ADVISORS LP | $14,006,262 | 266,026 | 0.15% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $13,586,753 | 258,058 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $13,507,200 | 256,547 | 0.15% | Shares |
| RAYMOND JAMES FINANCIAL INC | $13,478,934 | 256,010 | 0.15% | Shares |
| Quantinno Capital Management LP | $13,003,604 | 246,982 | 0.14% | Shares |
| BANK OF NOVA SCOTIA | $12,360,325 | 234,764 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $12,114,765 | 230,100 | 0.13% | Shares |
| Campbell & CO Investment Adviser LLC | $11,950,181 | 226,974 | 0.13% | Shares |
| AVIVA PLC | $11,892,687 | 225,882 | 0.13% | Shares |
| PFA Pension, Forsikringsaktieselskab | $11,785,508 | 223,846 | 0.13% | Shares |
| Robeco Institutional Asset Management B.V. | $11,730,947 | 222,810 | 0.13% | Shares |
| Swedbank AB | $11,728,157 | 222,757 | 0.13% | Shares |
| Entropy Technologies, LP | $11,681,350 | 221,868 | 0.13% | Shares |
| PDT Partners, LLC | $11,606,113 | 220,439 | 0.13% | Shares |
| Man Group plc | $11,511,817 | 218,648 | 0.13% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $11,022,461 | 136,823 | 0.12% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $10,945,777 | 207,897 | 0.12% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $10,751,709 | 204,211 | 0.12% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $10,737,336 | 203,938 | 0.12% | Shares |
Company insiders 52 insiders · 27 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bhavesh V. Patel | Chief Executive Officer | Feb. 20, 2017 F | 173,262 | 0 | 0 | $0 |
| James L Gallogly | Chief Executive Officer | Jan. 13, 2015 D | 1,103,289 | 0 | 0 | $0 |
| Thomas Aebischer | EVP & CFO | Feb. 16, 2017 A | 23,002 | 0 | 0 | $0 |
| Karyn F. Ovelmen | EVP & CFO | May 22, 2015 M | 31,164 | 0 | 0 | $0 |
| Clifford Kent Potter | EVP & Chief Financial Officer | June 7, 2011 P | 2,000 | 0 | 0 | $0 |
| Jacquelyn H Wolf | SVP, Human Resources | Feb. 22, 2017 M | 16,514 | 0 | 0 | $0 |
| Michael W Sumruld | VP & Chief Accounting Officer | Feb. 16, 2017 A | 945 | 0 | 0 | $0 |
| Daniel M Coombs | EVP - Global O&P, Proc, Tech | Feb. 16, 2017 A | 11,614 | 0 | 0 | $0 |
| Jeffrey A Kaplan | EVP & Chief Legal Officer | Feb. 16, 2017 A | 15,058 | 0 | 0 | $0 |
| Michael D Vandersnick | SVP, HSE | Feb. 16, 2017 A | 16,675 | 0 | 0 | $0 |
| Massimo Covezzi | SVP Research & Development | Feb. 16, 2017 A | 11,728 | 0 | 0 | $0 |
| Kevin W. Brown | EVP - Manufacturing & Refining | Feb. 16, 2017 F | 148,925 | 0 | 0 | $0 |
| Sergey Vasnetsov | SVP Strategic Planning | April 26, 2016 S | 4,733 | 0 | 0 | $0 |
| William B Allen JR | VP Finance | Feb. 16, 2016 A | 8,356 | 0 | 0 | $0 |
| Timothy D. Roberts | EVP, Global O&P | Jan. 21, 2016 F | 71,688 | 0 | 0 | $0 |
| Lawrence C Somma | Vice President and Treasurer | Sept. 9, 2015 P | 3,510 | 0 | 0 | $0 |
| Samuel L. Smolik | SVP, Am Mfg & Refining Ops | June 22, 2015 S | 7,499 | 0 | 0 | $0 |
| Jean Gadbois | SVP, Manufacturing EAI | June 1, 2015 A | 4,820 | 0 | 0 | $0 |
| Patrick D. Quarles | EVP - I&D, Supply Chain & Proc | May 29, 2015 S | 12,284 | 0 | 0 | $0 |
| Stephen R Wessels | Vice President - Tax | April 30, 2015 F | 9,577 | 0 | 0 | $0 |
| Craig B. Glidden | EVP & Chief Legal Officer | Feb. 17, 2015 F | 256,536 | 0 | 0 | $0 |
| Karen M. Swindler | SVP Manufacturing - Americas | April 30, 2014 F | 91,005 | 0 | 0 | $0 |
| Francesco Svelto | Vice President and Treasurer | May 15, 2013 M | 34,319 | 0 | 0 | $0 |
| Wendy M. Johnson | Chief Accounting Officer | April 30, 2013 F | 70,033 | 0 | 0 | $0 |
| Paramjit Singh | SVP Manufacturing - EAI | May 7, 2012 M | 107,451 | 0 | 0 | $0 |
| Paul G. Davies | VP Chief H R Officer | Dec. 16, 2011 D | — | 0 | 0 | $0 |
| Anton De Vries | SVP O & P - EAI, Asia, Int'l | Nov. 5, 2010 D | 0 | 0 | 0 | $0 |
| Bridget E Karlin | Director | June 30, 2026 F | 7,247 | 0 | 0 | $0 |
| Virginia A Kamsky | Director | June 30, 2026 F | 10,283 | 0 | 0 | $0 |
| Anthony R Chase | Director | May 22, 2026 F | 13,603 | 0 | 0 | $0 |
| Claire S Farley | Director | May 22, 2026 F | 26,341 | 0 | 0 | $0 |
| Jacques Aigrain | Director | May 22, 2026 F | 37,534 | 0 | 0 | $0 |
| Scott Kleinman | Director | Oct. 18, 2013 J | 2,075 | 0 | 0 | $0 |
| Marvin O Schlanger | Director | May 22, 2013 A | 19,976 | 0 | 0 | $0 |
| Joshua Harris | Director | May 9, 2012 A | 11,789 | 0 | 0 | $0 |
| Jeffrey Serota | Director | May 5, 2011 A | 8,422 | 0 | 0 | $0 |
| AIPH Holdings LLC | 10% owner | Jan. 26, 2017 J | 0 | 0 | 0 | $0 |
| AI Petroleum Holdings LLC | 10% owner | Dec. 10, 2012 J | 16,000,000 | 0 | 0 | $0 |
| ROYAL BANK OF SCOTLAND GROUP PLC | 10% owner | Oct. 27, 2010 J | 26,761,957 | 0 | 0 | $0 |
| Jagjeet S. Bindra | — | Oct. 31, 2017 S | 5,973 | 0 | 0 | $0 |
| Robin W.T. Buchanan | — | Sept. 30, 2017 F | 33,811 | 0 | 0 | $0 |
| Stephen Forbes Cooper | — | Sept. 30, 2017 F | 22,697 | 0 | 0 | $0 |
| Nance K Dicciani | — | Sept. 30, 2017 F | 13,521 | 0 | 0 | $0 |
| Bruce A Smith | — | Sept. 30, 2017 F | 28,050 | 0 | 0 | $0 |
| Lincoln E Benet | — | May 23, 2017 A | 4,062 | 0 | 0 | $0 |
| Rudy Van Der Meer | — | May 23, 2017 A | 14,805 | 0 | 0 | $0 |
| Isabella D Goren | — | May 23, 2017 A | 7,357 | 0 | 0 | $0 |
| Robert G Gwin | — | May 23, 2017 A | 19,759 | 0 | 0 | $0 |
| Richard Roudeix | — | May 1, 2017 M | 5,086 | 0 | 0 | $0 |
| Stephen J Doktycz | — | March 1, 2017 A | 3,835 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| LYB Holdco LLC, Len Blavatnik, Access Industries, LLC, Access Industries Holdings LLC, Access Industries Management, LLC, AI Investments Holdings LLC ×5 filings | June 13, 2025 | 20.30% | Amendment | — | SEC |
| AI International Chemicals LLC, Len Blavatnik, Access Industries, LLC, Access Industries Holdings LLC, Access Industries Management, LLC, AI Investments Holdings LLC ×3 filings | May 6, 2021 | — | Initial filing | — | SEC |
| AI International Chemicals S.à r.l., Len Blavatnik, Access Industries, LLC, Access Industries Holdings LLC, Access Industries Management, LLC, AI Investments Holdings LLC ×10 filings | July 15, 2019 | — | Initial filing | — | SEC |
| AI International Chemicals S.À.R.L., Len Blavatnik, AI Investments Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access Industries, LLC, Access Industries Management, LLC, Altep 2010 L.P., Altep 2011 L.P., Access Industries, Inc. ×2 filings | Feb. 16, 2012 | — | Initial filing | — | SEC |
| AI International Chemicals S.À. R.L., Len Blavatnik, AI Chemical Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access Industries, LLC, Access Industries Management, LLC, Altep 2010 L.P., Altep 2011 L.P., Access Industries, Inc. | Feb. 23, 2011 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 112 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSPM · Invesco Exchange-Traded Fund Trust | 3.36% | 104,322 SH | Aug. 8, 2026 | Daily |
| PEY · Invesco Exchange-Traded Fund Trust | 2.37% | 463,703 SH | Aug. 8, 2026 | Daily |
| DUSA · Davis Fundamental ETF Trust | 1.84% | 285,750 NS | April 30, 2026 | N-PORT |
| DWLD · Davis Fundamental ETF Trust | 1.83% | 139,170 NS | April 30, 2026 | N-PORT |
| SDOG · ALPS ETF Trust | 1.74% | 360,442 NS | May 31, 2026 | N-PORT |
| PYZ · Invesco Exchange-Traded Fund Trust | 1.68% | 21,995 SH | Aug. 8, 2026 | Daily |
| IYM · iShares Trust | 1.57% | 255,165 SH | Aug. 8, 2026 | Daily |
| RPV · Invesco Exchange-Traded Fund Trust | 1.49% | 427,317 SH | Aug. 8, 2026 | Daily |
| DVY · iShares Trust | 1.22% | 4,639,669 SH | Aug. 8, 2026 | Daily |
| VAW · VANGUARD WORLD FUND | 0.89% | 756,280 SH | Aug. 8, 2026 | Daily |
| WLDR · Two Roads Shared Trust | 0.75% | 7,154 NS | April 30, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.59% | 6,282 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.57% | 52,848 NS | May 31, 2026 | N-PORT |
| MXI · iShares Trust | 0.50% | 29,152 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.42% | 640 NS | May 31, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.33% | 631,182 NS | May 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.29% | 355,000 | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.27% | 745 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.27% | 16,247 NS | May 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.22% | 41,288 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.22% | 30,533 SH | Aug. 8, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | 0.20% | 26,973,000 PA | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.17% | 2,845,993 SH | Aug. 8, 2026 | Daily |
| SIZE · iShares Trust | 0.15% | 10,956 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.15% | 387,720 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.15% | 46,434 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.14% | 1,880,304 SH | Aug. 8, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.13% | 6,125,000 | Aug. 8, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.13% | 224,315 SH | Aug. 8, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.13% | 221,680 SH | Aug. 8, 2026 | Daily |
| NEAR · iShares U.S. ETF Trust | 0.12% | 6,060,000 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.12% | 3,628,000 | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.12% | 829,385 SH | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.11% | 1,050,204 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.11% | 29,790 SH | Aug. 8, 2026 | Daily |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.11% | 20,321 NS | May 31, 2026 | N-PORT |
| VTC · VANGUARD SCOTTSDALE FUNDS | 0.10% | 2,476,000 PA | Aug. 8, 2026 | Daily |
| DIVB · iShares Trust | 0.10% | 28,564 SH | Aug. 8, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.10% | 186,442 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.10% | 191,854 NS | May 31, 2026 | N-PORT |
| VLUE · iShares Trust | 0.09% | 143,863 SH | Aug. 8, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | 0.09% | 10,412,000 PA | Aug. 8, 2026 | Daily |
| MTUM · iShares Trust | 0.09% | 369,043 SH | Aug. 8, 2026 | Daily |
| XOEF · iShares Trust | 0.09% | 330 SH | Aug. 8, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.08% | 13,012 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.08% | 2,962,160 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.08% | 13,435 SH | Aug. 8, 2026 | Daily |
| EQL · ALPS ETF Trust | 0.08% | 16,040 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.07% | 2,799,233 SH | Aug. 8, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.07% | 55,235 NS | April 30, 2026 | N-PORT |